Ever since the commercialization of the internet, and the advent of social media, customer-centricity has become a norm across industries. For banks in particular, this extends new customer touch points, implying the opportunity to relook at segmentation, channels and pricing. For example, banks can adopt a needs-based and behavior-based segmentation strategy by keeping a tab on client interactions over its channels. It is easier said than done. Banks will have to first understand how people bank, how often they bank and what products and services they seek when banking. Thanks to the power of analytics, it is no more a challenge for banks. Take the example of Central Bank of India. It recently announced the adoption of analytics solution in order to uncover new sources of customer value. Analytics, according to the bank’s spokesperson provides great levers for it to identify cross-sell and up-sell opportunities and increase customer wallet share.
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